Lee Industries had the following inventory transactions occur during 2010: The company sold 51 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars)
A) $2,441
B) $2,365
C) $848
D) $772

Question

Lee Industries had the following inventory transactions occur during 2010:  The company sold 51 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars)
A) $2,441 
B) $2,365 
C) $848 
D) $772

Quizplus · Accepted Answer

The Answer of Lee Industries had the following inventory transactions occur during 2010:  The company sold 51 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars)
A) $2,441 
B) $2,365 
C) $848 
D) $772

Lee Industries Had the Following Inventory Transactions Occur During 2010